There is a fundamental misalignment between legislation and regulation of the DB pensions advice market, which has caused confusion over the suitability of transfer advice.60 The 2015 Pensions Schemes Act introduced by HM Treasury was intended to provide greater freedom and flexibility for consumers to manage their pensions, allowing DB pension scheme members the opportunity to transfer out to a DC scheme in order to access their savings.61 The FCA told us that it was concerned by the speed at which the Act was introduced, and by the potential risks it posed to consumers. The FCA described how it worked with HM Treasury, collected further evidence and conducted a consultation, in order to manage the significant regulatory challenges posed.62